By Mike Konczal, originally posted on Next New Deal.
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I have a guest post up at Business Insider, which uses animated gifs to explain the current battle over monetary policy in the aftermath of the recent Jackson Hole conference. Hope you check it out.
A small sample:
Every time QE is executed in order to give our economy a shove, allowing it to take off on its own, it quickly ends up like this
What’s gone wrong? In comes Michael Woodford with an answer provided in his gigantic paper. He argues that Bernanke’s policy is like this:
It was inspired by a post where Joe Weisenthal responded to an animated gif of a baby throwing money out the window as a metaphor for QE by explaining, in detail, why it was wrong. I pointed out that you can only respond to an animated gif with more animated gifs - and then we realized we needed to corner the market on the no doubt soon to boom monetary policy animated gif industry.
Mike Konczal is a Fellow at the Roosevelt Institute.